I have received the following disclosure from the financial institutions of top-ups made to company pension schemes in the years requested:
AIB/EBS
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2008
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2009
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2010
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2011
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2012 to date
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Allied Irish Banks (including EBS)
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€3.5m
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€2m
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€4m
|
€3m
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€1,101m*
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* The 2012 figure for AIB includes one off exceptional contributions made in 2012 as a result of the early retirement program which is required in order to reduce the cost base of the bank by over €200m per year.
AIB (including EBS) during the period in question made contributions to its pension schemes in accordance with agreed actuarial funding plans and as required by regulation. Contributions in excess of these were made to address a combination of unscheduled early retirements including ill health related circumstances and the exercise of contractual early retirement rights.
Separately the Deputy will be aware that AIB has agreed the transfer of €1.1 billion nominal of loan assets to the AIB pension fund earlier in 2012. The purpose of this was to address the deficit created in AIB’s pension fund by the early retirement and voluntary redundancy scheme that will see about 2,500 staff leave their jobs.
This transfer was not intended to reduce an existing deficit in the scheme but rather to address the deficit that would arise as a result of the staff departures that would occur as a result of the early retirement and voluntary redundancy scheme.
Permanent TSB/Irish Life
As the Deputy will be aware the State first invested in Irish Life & Permanent Group Holdings plc (now Permanent TSB Group Holdings plc) in July 2011 and as a result I am only providing figures for 2011 and 2012 YTD. Permanent TSB and Irish Life have confirmed that there have been no such payments in 2011 or year-to-date in 2012.
Anglo Irish Bank/Irish Nationwide Building Society/Irish Bank Resolution Corporation
I have been advised by IBRC that unfortunately it has not been possible to collate this information within the time available. IBRC continue to review the matter and I will forward this information to the Deputy as soon as it is made available to me.
